Cash flow S-Fuelcell co., Ltd.

Equities

A288620

KR7288620008

Renewable Energy Equipment & Services

End-of-day quote Korea S.E. Other stock markets 2026-03-13			5-day change	1st Jan Change
9,430.00 ^KRW	-2.28%		+6.67%	-9.76%

Nov. 14	S-Fuelcell Accelerates Efforts to Deploy Its Grid-Free, On-Site Modular Fuel Cell Platform Amid Global AI Data Center Growth and Escalating Power Infrastructure Convenities	CI
Nov. 05	S-Fuelcell co., Ltd. announces Annual dividend, payable on April 20, 2026	CI

5db.ImM0CgKyTX-pGQzaaI1Kgr0qKxQCCTTbdqOZZZsu490.eA5fSVjULhHuYUf3B-lnxIpvXSJNXlfiJOrNFalNi-5XOwB7dcZ6PP9GPA

Published financial data: S-FUELCELL CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	46.99B	47.31B	46.78B	32.53B	33.67B
Other Revenues, Total	-	10	-	-10	-10
Total Revenues	46.99B	47.31B	46.78B	32.53B	33.67B
Cost of Goods Sold, Total	33.2B	34.01B	32.33B	24.82B	29.02B
Gross Profit	13.79B	13.3B	14.45B	7.7B	4.65B
Selling General & Admin Expenses, Total	9.14B	8.71B	9.24B	6.28B	5.21B
Provision for Bad Debts	1.03B	351M	1B	-258M	157M
R&D Expenses	1.04B	952M	1.83B	2.61B	1.72B
Depreciation & Amortization - (IS)	322M	786M	976M	1.35B	1.52B
Amortization of Goodwill and Intangible Assets - (IS)	21.41M	48.56M	60.19M	59.18M	39.04M
Other Operating Expenses	114M	197M	150M	157M	139M
Other Operating Expenses, Total	11.67B	11.04B	13.26B	10.19B	8.79B
Operating Income	2.13B	2.26B	1.19B	-2.49B	-4.14B
Interest Expense, Total	-585M	-850M	-1.54B	-3.66B	-3.65B
Interest And Investment Income	288M	420M	952M	2.57B	2.28B
Net Interest Expenses	-297M	-430M	-586M	-1.09B	-1.37B
Currency Exchange Gains (Loss)	-47.58M	30.8M	4.77M	10.78M	-2.42M
Other Non Operating Income (Expenses)	-154M	-195M	-355M	673M	6.33B
EBT, Excl. Unusual Items	1.63B	1.66B	255M	-2.89B	817M
Gain (Loss) On Sale Of Investments	-	-	-33.89M	-14.11M	-12.18M
Gain (Loss) On Sale Of Assets	-	-23K	-	-630M	1.8M
Asset Writedown	-	-	-	-941M	-1.56B
Other Unusual Items	-	235M	-	-	-1.51B
EBT, Incl. Unusual Items	1.63B	1.9B	222M	-4.48B	-2.26B
Income Tax Expense	48.01M	-2.96B	-529M	-2.2B	-1.03B
Earnings From Continuing Operations	1.58B	4.86B	751M	-2.28B	-1.23B
Net Income to Company	1.58B	4.86B	751M	-2.28B	-1.23B
Minority Interest	-	26.56M	95.26M	-60.69M	46.47M
Net Income - (IS)	1.58B	4.88B	846M	-2.34B	-1.19B
Net Income to Common Incl Extra Items	1.58B	4.88B	846M	-2.34B	-1.19B
Net Income to Common Excl. Extra Items	1.58B	4.88B	846M	-2.34B	-1.19B
Per Share Items
Net EPS - Basic	281.69	715.27	123.08	-337.46	-169.85
Basic EPS - Continuing Operations	281.69	715.27	123.08	-337.46	-169.85
Basic Weighted Average Shares Outstanding	5.61M	6.83M	6.87M	6.95M	6.98M
Net EPS - Diluted	263	705	122	-337.46	-170
Diluted EPS - Continuing Operations	263	705	122	-337.46	-170
Diluted Weighted Average Shares Outstanding	5.99M	6.93M	6.91M	6.95M	6.98M
Normalized Basic EPS	181.4	156.26	37.08	-269.13	79.84
Normalized Diluted EPS	169.72	153.92	36.88	-269.13	79.84
Dividend Per Share	-	100	50	50	50
Payout Ratio	17.42	13.4	81.25	-14.66	-29.44
Supplemental Items
EBITDA	2.54B	3.42B	2.78B	-502M	-1.7B
EBITA	2.15B	2.31B	1.25B	-2.43B	-4.1B
EBIT	2.13B	2.26B	1.19B	-2.49B	-4.14B
EBITDAR	2.66B	3.54B	3.04B	-254M	-1.58B
Effective Tax Rate - (Ratio)	2.95	-155.69	-238.95	49.02	45.49
Normalized Net Income	1.02B	1.07B	255M	-1.87B	557M
Supplemental Operating Expense Items
Advertising Expense	1.62M	13.63M	72.2M	115M	5.22M
Selling and Marketing Expenses	4.55B	3.98B	4.05B	1.34B	1.35B
General and Administrative Expenses	227M	122M	121M	129M	118M
Research And Development Expense From Footnotes	1.04B	952M	1.83B	2.61B	1.72B
Net Rental Expense, Total	113M	119M	262M	249M	123M
Imputed Operating Lease Interest Expense	26.29M	35.1M	90.22M	158M	85.85M
Imputed Operating Lease Depreciation	86.95M	83.56M	172M	91.14M	37.27M
Maintenance & Repair Expenses, Total	292M	386M	130M	86.28M	58.96M
Stock-Based Comp., SG&A Exp. (Total)	293M	62.96M	42.75M	-78.91M	-
Total Stock-Based Compensation	293M	62.96M	42.75M	-78.91M	-

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	31.84B	4.11B	5.3B	5.35B	10.41B
Short Term Investments	17.78B	37.39B	61.38B	56.8B	53.63B
Total Cash And Short Term Investments	49.62B	41.51B	66.68B	62.14B	64.05B
Accounts Receivable, Total	27.17B	26.18B	23.69B	18.26B	10.46B
Other Receivables	90.68M	435M	647M	760M	503M
Notes Receivable	-	-	-	1B	1.1B
Total Receivables	27.26B	26.61B	24.33B	20.02B	12.06B
Inventory	19.57B	25.12B	31.86B	32.88B	21.71B
Prepaid Expenses	459M	539M	576M	244M	251M
Other Current Assets, Total	2.17B	1.23B	4.36B	4.65B	2.77B
Total Current Assets	99.09B	95.01B	128B	120B	101B
Gross Property Plant And Equipment	12.74B	19.46B	23.35B	20.46B	19.57B
Accumulated Depreciation	-1.09B	-1.91B	-2.65B	-4.61B	-5.49B
Net Property Plant And Equipment	11.65B	17.55B	20.7B	15.85B	14.08B
Long-term Investments	-	430	15.71M	277M	698M
Other Intangibles, Total	145M	249M	194M	139M	106M
Accounts Receivable Long-Term	2.47B	1.41B	1.12B	-	-
Deferred Tax Assets Long-Term	320M	3.3B	2.27B	4.47B	5.56B
Other Long-Term Assets, Total	1.17B	1.33B	1B	3.97B	717M
Total Assets	115B	119B	153B	145B	122B
Liabilities
Accounts Payable, Total	17.85B	17.56B	15.57B	10.9B	1.38B
Accrued Expenses, Total	37.57M	48.5M	62.49M	158M	149M
Short-term Borrowings	15.34B	16.55B	31.47B	33.66B	37.35B
Current Portion of Long-Term Debt	333M	1.86B	2.12B	10.48B	-
Current Portion of Leases	533M	369M	437M	418M	426M
Current Income Taxes Payable	1.6B	-	-	-	-
Other Current Liabilities	8.54B	3.9B	4.09B	15.62B	11.97B
Total Current Liabilities	44.24B	40.28B	53.75B	71.25B	51.27B
Long-Term Debt	4.39B	6.15B	12.05B	1.3B	-
Long-Term Leases	356M	73.36M	358M	53.43M	53M
Other Non Current Liabilities	1.34B	2.04B	16.54B	2.66B	2.87B
Total Liabilities	50.32B	48.55B	82.7B	75.26B	54.19B
Common Stock, Total	3.27B	3.44B	3.44B	3.49B	3.49B
Additional Paid In Capital	50.66B	53.55B	53.55B	55.3B	55.3B
Retained Earnings	8.75B	12.98B	13.14B	10.45B	8.92B
Comprehensive Income and Other	1.84B	161M	203M	7.46M	7.46M
Total Common Equity	64.52B	70.13B	70.33B	69.24B	67.71B
Minority Interest	-	172M	76.85M	138M	91.07M
Total Equity	64.52B	70.3B	70.41B	69.38B	67.8B
Total Liabilities And Equity	115B	119B	153B	145B	122B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	6.54M	6.87M	6.87M	6.98M	6.98M
ECS Total Common Shares Outstanding	6.54M	6.87M	6.87M	6.98M	6.98M
Book Value / Share	9.86K	10.2K	10.23K	9.92K	9.7K
Tangible Book Value	64.38B	69.88B	70.14B	69.11B	67.6B
Tangible Book Value Per Share	9.84K	10.17K	10.2K	9.9K	9.69K
Total Debt	20.96B	25B	46.43B	45.92B	37.83B
Net Debt	-28.66B	-16.5B	-20.25B	-16.23B	-26.22B
Debt Equivalent Oper. Leases	906M	949M	2.09B	1.99B	985M
Minority Interest, Total (Incl. Fin. Div)	-	172M	76.85M	138M	91.07M
Inventories - Raw Materials, Total	7.6B	9.31B	8.5B	6.88B	6.78B
Inventories - Work In Process, Total	5.58B	6.1B	5.76B	5.87B	3.57B
Inventories - Finished Goods, Total	6.39B	9.72B	17.62B	20.17B	13.98B
Inventories - Others	-590	150	400	850	-280
Land - (BS)	919M	919M	919M	919M	919M
Machinery, Total	5.58B	13.09B	16.74B	18.39B	17.72B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	1.58B	4.88B	846M	-2.34B	-1.19B
Depreciation & Amortization - CF	396M	1.11B	1.52B	1.93B	2.4B
Amortization of Goodwill and Intangible Assets - (CF)	21.41M	48.56M	60.19M	59.18M	39.04M
Depreciation & Amortization, Total	417M	1.16B	1.58B	1.99B	2.44B
(Gain) Loss From Sale Of Asset	-	23K	-	630M	-1.8M
(Gain) Loss on Sale of Investments - (CF)	-	-	33.89M	14.11M	12.18M
Asset Writedown & Restructuring Costs	-	-	-	941M	1.56B
Stock-Based Compensation (CF)	653M	95.16M	42.13M	-78.62M	-
Provision and Write-off of Bad Debts	1.03B	351M	1B	-258M	157M
Other Operating Activities, Total	110M	-4.9B	1.47B	-1.98B	-967M
Change In Accounts Receivable	-387M	-4.59B	887M	5.38B	7.65B
Change In Inventories	-6.02B	-6.28B	-9.11B	-2.5B	7.44B
Change In Accounts Payable	4.9B	-286M	-1.99B	-4.67B	-9.62B
Change in Other Net Operating Assets	2.15B	-246M	-1.43B	-672M	-485M
Cash from Operations	4.43B	-9.82B	-6.66B	-3.55B	6.99B
Capital Expenditure	-2.59B	-3.2B	-746M	-123M	-56.9M
Divestitures	-	197M	-	-	-
Sale (Purchase) of Intangible assets	-166M	-107M	-5.07M	-4.13M	-6.51M
Investment in Marketable and Equity Securities, Total	-12.46B	-19.62B	-24.04B	4.35B	2.73B
Net (Increase) Decrease in Loans Originated / Sold - Investing	0	-	0	-1B	-100M
Other Investing Activities, Total	-792M	-403M	215M	50.05M	3.26B
Cash from Investing	-16.01B	-23.13B	-24.58B	3.28B	5.83B
Long-Term Debt Issued, Total	19.73B	33.14B	80.39B	44.9B	92.7B
Total Debt Issued	19.73B	33.14B	80.39B	44.9B	92.7B
Long-Term Debt Repaid, Total	-19.15B	-29.11B	-47.28B	-45.91B	-100B
Total Debt Repaid	-19.15B	-29.11B	-47.28B	-45.91B	-100B
Issuance of Common Stock	32.84B	1.28B	-	1.68B	-
Common & Preferred Stock Dividends Paid	-275M	-654M	-687M	-344M	-349M
Common & Preferred Stock Dividends Paid	-275M	-654M	-687M	-344M	-349M
Other Financing Activities, Total	-	550M	0	-	16.35M
Cash from Financing	33.15B	5.21B	32.42B	322M	-7.76B
Miscellaneous Cash Flow Adjustments	-10	-	-10	10	-
Net Change in Cash	21.57B	-27.73B	1.19B	47.51M	5.07B
Supplemental Items
Cash Interest Paid	585M	841M	933M	1.77B	1.65B
Cash Income Tax Paid (Refund)	140M	1.6B	-1.52B	318M	-
Levered Free Cash Flow	3.91B	-11.76B	-8.74B	8.23B	5.32B
Unlevered Free Cash Flow	4.28B	-11.23B	-7.78B	10.51B	7.6B
Change In Net Working Capital	-5B	10.56B	9.4B	-10.29B	-7.81B
Net Debt Issued / Repaid	584M	4.03B	33.11B	-1.02B	-7.42B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	1.44	1.21	0.55	-1.05	-1.94
Return on Total Capital	1.94	1.56	0.7	-1.34	-2.34
Return On Equity %	3.27	7.2	1.07	-3.27	-1.8
Return on Common Equity	3.27	7.25	1.2	-3.36	-1.73
Margin Analysis
Gross Profit Margin %	29.35	28.11	30.89	23.68	13.81
SG&A Margin	19.45	18.4	19.75	19.29	15.48
EBITDA Margin %	5.41	7.22	5.93	-1.54	-5.05
EBITA Margin %	4.57	4.88	2.68	-7.48	-12.17
EBIT Margin %	4.53	4.77	2.55	-7.66	-12.29
Income From Continuing Operations Margin %	3.36	10.27	1.61	-7.02	-3.66
Net Income Margin %	3.36	10.32	1.81	-7.21	-3.52
Net Avail. For Common Margin %	3.36	10.32	1.81	-7.21	-3.52
Normalized Net Income Margin	2.16	2.25	0.54	-5.75	1.66
Levered Free Cash Flow Margin	8.33	-24.85	-18.7	25.3	15.8
Unlevered Free Cash Flow Margin	9.11	-23.73	-16.64	32.33	22.57
Asset Turnover
Asset Turnover	0.51	0.4	0.34	0.22	0.25
Fixed Assets Turnover	5.92	3.24	2.45	1.78	2.25
Receivables Turnover (Average Receivables)	1.73	1.77	1.88	1.55	2.34
Inventory Turnover (Average Inventory)	2	1.52	1.13	0.77	1.06
Short Term Liquidity
Current Ratio	2.24	2.36	2.38	1.68	1.97
Quick Ratio	1.74	1.69	1.69	1.14	1.46
Operating Cash Flow to Current Liabilities	0.1	-0.24	-0.12	-0.05	0.14
Days Sales Outstanding (Average Receivables)	211.61	205.8	194.54	235.38	156.1
Days Outstanding Inventory (Average Inventory)	182.62	239.88	321.69	475.93	344.26
Average Days Payable Outstanding	151.55	163.36	154.77	186.97	125.88
Cash Conversion Cycle (Average Days)	242.69	282.32	361.46	524.34	374.48
Long Term Solvency
Total Debt/Equity	32.48	35.57	65.95	66.18	55.8
Total Debt / Total Capital	24.52	26.24	39.74	39.82	35.81
LT Debt/Equity	7.35	8.86	17.63	1.95	0.08
Long-Term Debt / Total Capital	5.55	6.53	10.62	1.17	0.05
Total Liabilities / Total Assets	43.81	40.85	54.02	52.03	44.42
EBIT / Interest Expense	3.63	2.66	0.77	-0.68	-1.13
EBITDA / Interest Expense	4.35	4.02	1.8	-0.14	-0.47
(EBITDA - Capex) / Interest Expense	-0.08	0.26	1.32	-0.17	-0.48
Total Debt / EBITDA	8.24	7.32	16.73	-91.39	-22.23
Net Debt / EBITDA	-11.27	-4.83	-7.3	32.3	15.41
Total Debt / (EBITDA - Capex)	-431.37	112.7	22.88	-73.4	-21.51
Net Debt / (EBITDA - Capex)	590.07	-74.38	-9.98	25.94	14.91
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	23.81	0.67	-1.12	-30.47	3.51
Gross Profit, 1 Yr. Growth %	17.26	-3.58	8.63	-46.7	-39.61
EBITDA, 1 Yr. Growth %	3.5	34.35	-18.78	-118.1	238.63
EBITA, 1 Yr. Growth %	-1.42	7.39	-45.73	-294.27	68.5
EBIT, 1 Yr. Growth %	-2.4	6.19	-47.23	-309.05	66.06
Earnings From Cont. Operations, 1 Yr. Growth %	6.26	207.43	-84.54	-404.2	-46.06
Net Income, 1 Yr. Growth %	6.26	209.11	-82.67	-377.12	-49.44
Normalized Net Income, 1 Yr. Growth %	1.58	4.86	-76.11	-833.63	-129.8
Diluted EPS Before Extra, 1 Yr. Growth %	1.54	168.06	-82.7	-376.6	-49.62
Accounts Receivable, 1 Yr. Growth %	0	-3.66	-9.51	-22.9	-42.75
Inventory, 1 Yr. Growth %	44.39	28.35	26.82	3.18	-33.97
Net Property, Plant and Equip., 1 Yr. Growth %	176.24	50.63	17.93	-23.44	-11.16
Total Assets, 1 Yr. Growth %	64.8	3.49	28.83	-5.53	-15.66
Tangible Book Value, 1 Yr. Growth %	101.39	8.55	0.37	-1.47	-2.17
Common Equity, 1 Yr. Growth %	101.84	8.69	0.29	-1.54	-2.22
Cash From Operations, 1 Yr. Growth %	-122.45	-321.5	-32.18	-46.67	-297.05
Capital Expenditures, 1 Yr. Growth %	-34.24	23.27	-76.65	-83.5	-53.79
Levered Free Cash Flow, 1 Yr. Growth %	-	-400.36	-25.62	-194.09	-35.37
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-362.27	-30.67	-235.09	-27.73
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	11.64	-0.23	-17.08	-15.16
Gross Profit, 2 Yr. CAGR %	-	6.33	2.34	-23.91	-43.26
EBITDA, 2 Yr. CAGR %	-	17.92	4.46	-61.66	-21.71
EBITA, 2 Yr. CAGR %	-	2.89	-23.66	2.68	80.93
EBIT, 2 Yr. CAGR %	-	1.8	-25.14	5.03	86.32
Earnings From Cont. Operations, 2 Yr. CAGR %	-	80.74	-31.06	-31.42	28.09
Net Income, 2 Yr. CAGR %	-	81.23	-26.81	-30.7	18.37
Normalized Net Income, 2 Yr. CAGR %	-	3.21	-49.94	32.4	47.86
Diluted EPS Before Extra, 2 Yr. CAGR %	-	64.99	-31.89	-30.81	18.04
Accounts Receivable, 2 Yr. CAGR %	-	-1.84	-6.63	-16.47	-33.56
Inventory, 2 Yr. CAGR %	-	36.14	27.58	14.39	-17.46
Net Property, Plant and Equip., 2 Yr. CAGR %	-	103.98	33.28	-4.98	-17.52
Total Assets, 2 Yr. CAGR %	-	30.59	15.47	10.32	-10.74
Tangible Book Value, 2 Yr. CAGR %	-	47.85	4.38	-0.56	-1.82
Common Equity, 2 Yr. CAGR %	-	48.11	4.4	-0.63	-1.88
Cash From Operations, 2 Yr. CAGR %	-	-29.48	22.56	-39.86	2.51
Capital Expenditures, 2 Yr. CAGR %	-	-9.97	-46.35	-80.37	-72.39
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	49.46	-16.35	-22.02
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	34.84	-3.22	-1.19
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	7.22	-11.54	-10.72
Gross Profit, 3 Yr. CAGR %	-	-	7.09	-17.66	-29.55
EBITDA, 3 Yr. CAGR %	-	-	4.14	-41.76	-20.74
EBITA, 3 Yr. CAGR %	-	-	-16.87	4.23	21.11
EBIT, 3 Yr. CAGR %	-	-	-18.22	5.42	22.36
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	-20.36	13.08	-36.7
Net Income, 3 Yr. CAGR %	-	-	-17.13	14.07	-37.62
Normalized Net Income, 3 Yr. CAGR %	-	-	-36.63	22.5	-19.46
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-22.19	8.66	-37.76
Accounts Receivable, 3 Yr. CAGR %	-	-	-4.47	-12.4	-26.35
Inventory, 3 Yr. CAGR %	-	-	32.96	18.87	-4.75
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	69.93	10.79	-7.08
Total Assets, 3 Yr. CAGR %	-	-	30	7.99	0.88
Tangible Book Value, 3 Yr. CAGR %	-	-	29.94	2.39	-1.1
Common Equity, 3 Yr. CAGR %	-	-	30.06	2.38	-1.16
Cash From Operations, 3 Yr. CAGR %	-	-	-30.39	-7.13	-10.68
Capital Expenditures, 3 Yr. CAGR %	-	-	-42.58	-63.78	-73.89
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	28.1	-23.24
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	34.93	-12.2
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	-	-2.37
Gross Profit, 5 Yr. CAGR %	-	-	-	-	-16.94
EBITDA, 5 Yr. CAGR %	-	-	-	-	-7.09
EBITA, 5 Yr. CAGR %	-	-	-	-	13.47
EBIT, 5 Yr. CAGR %	-	-	-	-	13.68
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	-	-3.69
Net Income, 5 Yr. CAGR %	-	-	-	-	-4.43
Normalized Net Income, 5 Yr. CAGR %	-	-	-	-	-11.06
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	-	-8.08
Accounts Receivable, 5 Yr. CAGR %	-	-	-	-	-17.39
Inventory, 5 Yr. CAGR %	-	-	-	-	9.88
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	-	27.26
Total Assets, 5 Yr. CAGR %	-	-	-	-	11.85
Tangible Book Value, 5 Yr. CAGR %	-	-	-	-	16.16
Common Equity, 5 Yr. CAGR %	-	-	-	-	16.2
Cash From Operations, 5 Yr. CAGR %	-	-	-	-	-18.74
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	-57.16